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Seoul stocks close higher on tech gains

All News 15:53 August 03, 2018

SEOUL, Aug. 3 (Yonhap) -- South Korean stocks closed higher Friday as investor sentiment was boosted by the latest gains in U.S. tech giant Apple Inc., which saw its market capitalization surpass the US$1 trillion mark, analysts in Seoul said. The Korean won fell against the U.S. dollar.

The benchmark Korea Composite Stock Price Index gained 17.48 points, or 0.77 percent, to close at 2,287.68. Trade volume was low at 265 million shares worth 4.12 trillion won (US$3.65 billion), with gainers outpacing losers 639 to 198.

Analysts said Seoul shares closed higher taking cues from the U.S. stock market, where Apple and other tech giants closed higher.

"While there has been a concern over information-technology shares, such companies led the rise in the U.S. market," said Seo Sang-young, a researcher at Kiwoom Securities Co. "Related companies in South Korea also gained ground."

Foreigners bought a net 143 billion won, while individuals sold a net 88 billion won. Institutional investors offloaded a net 80 billion won.

Market kingpin Samsung Electronics advanced 0.44 percent to 45,750 won, and No. 2 chipmaker SK hynix closed 0.12 percent higher at 83,300 won. Samsung SDI moved up 1.99 percent to 231,000 won, and Samsung Electro-mechanics increased 1.28 percent to 158,500 won.

Samsung BioLogics closed 3.7 percent higher at 392,000 won, and Hanmi Pharmaceutical shot up 0.23 percent to 431,500 won.

Chemical shares also closed higher, with No. 1 LG Chem advancing 4.27 percent to 391,000 won and LG Household & Health Care finishing 1.52 percent higher at 1,272,000 won. AmorePacific rose 2.04 percent to 275,500 won.

T'way Air, which made its first appearance on the market Wednesday, closed 0.86 percent higher at 11,700 won.

Top portal operator Naver added 0.41 percent to 731,000 won, and Kakao gained 1.8 percent to 113,000 won.

The South Korean currency closed at 1,127.60 won against the U.S. dollar, down 1.5 won from Thursday's close.


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